Samsung, SK Hynix and Micron recorded astronomical earnings gains in the latest two quarters. AI demand lifted the three memory suppliers above every other vendor in the comparison. The earnings jump began in late 2023 across the storage industry. Quarterly revenue at the top three now dwarfs every other publicly reported storage supplier.

How did memory suppliers separate from the rest?

Samsung's earnings records extend back only to Q2 of fiscal 2024. The earnings jump began in late 2023 as AI workloads demanded more memory capacity across training systems. HBM and DRAM prices climbed far more steeply than NAND prices over the same period. The chart tracked quarterly earnings across HPE fiscal quarters from 2024 through 2026. Quarterly revenue at the top three memory suppliers now dwarfs every other storage vendor tracked, compressing the rest into a narrow band on the chart.

What changed for NAND specialists?

Kioxia and Sandisk recorded revenue acceleration through 2025 as AI demand overtook NAND supply. The supply-demand imbalance pushed NAND and SSD prices upward across the year. The price gains remained well short of HBM and DRAM increases at the memory giants. Kioxia and Sandisk sit in the second tier of storage suppliers by quarterly revenue, behind the memory leaders but ahead of every HDD supplier below them.

Where do disk drive makers stand?

Dell leads revenue rankings among storage vendors reporting sub-$5 billion quarters. Seagate and Western Digital began closing the gap in the second half of 2024. Western Digital's quarterly revenue has exceeded Seagate's since mid-2024 in a clear reversal of prior positioning. One quarter of weakness at both HDD suppliers in Q3 2025 interrupted the rise before growth resumed. Both HDD suppliers now operate above their previous 2021 to 2022 peak earnings period, surpassing a six-year revenue benchmark that had defined the hard disk storage market.

How did mid-tier vendors perform?

NetApp holds the next revenue tier with rising quarterly results since Q4 2024. Below NetApp sit Snowflake, HPE storage with its rising Alletra product line, and Everpure. Nutanix posted steady but slower growth underneath them in the comparison. HPE storage revenue followed a downward trajectory from 2020 through 2024 before reversing higher in 2025 on Alletra momentum and renewed enterprise demand for block storage. One quarter of growth in early 2025 proved a false dawn before the renewed upward trend resumed. Snowflake overtook HPE storage during the period while HPE's recovery gathered pace. Everpure closed the gap with HPE as well.

Who anchors the bottom tier?

Rubrik and Commvault, the two cyber resilience suppliers, out-earned the bottom trio by a measurable margin. N-able, recovering Quantum, and slow-growing Backblaze fill the lowest revenue positions at sub-$3 billion per quarter. Backblaze focuses on cloud storage built for neoclouds' long-term data retention across model training datasets and archival workloads that AI infrastructure operators require at scale. The Backblaze niche represents another AI-driven storage opportunity tied to archival and training data infrastructure buildouts underway across the industry.

The source did not disclose specific dollar figures beyond the sub-$5 billion and sub-$3 billion quarterly groupings used to bin the charts. Memory and NAND pricing through 2026 will determine whether the memory giants extend their lead or the HDD and cyber resilience suppliers catch up as hyperscaler and neocloud infrastructure buildouts continue absorbing available capacity.